Career

How To Become A Compensation Clerk In New York 2024

Learn everything you need to know about becoming a Compensation Clerk, including salary, schools, and programs.

Compensation Clerk in New York Career Overview

As a Compensation Clerk, you play a vital role in the broader human resources and payroll administration landscape. Your responsibilities primarily focus on managing and processing employee compensation data, ensuring that payroll systems function smoothly and accurately. Here is an outline of your key duties and significance in the industry:

  • Data Management: You handle sensitive employee information related to wages, bonuses, commissions, and overtime, maintaining meticulous records that are essential for payroll processing.

  • Payroll Processing: You ensure that employees are paid correctly and on time by verifying time sheets, calculating earnings, and making necessary deductions.

  • Compliance: You keep abreast of labor laws and regulations to ensure that compensation practices meet legal requirements, thereby protecting the organization from potential legal issues.

  • Reporting: You generate reports pertaining to employee compensation, which can help management make informed decisions about salaries, budget allocations, and workforce planning.

  • Collaboration: Your role often involves working closely with other HR professionals, managers, and external auditors to ensure cohesiveness in compensation-related matters.

  • Problem Resolution: When discrepancies arise in payroll, you investigate and resolve issues swiftly, maintaining trust and confidence among employees in the payroll system.

The position of a Compensation Clerk is essential for maintaining the integrity of an organization's payroll system, directly impacting employee satisfaction and overall company performance. Through diligent work, you contribute to the financial well-being of both the organization and its employees.

Best Schools to become a Compensation Clerk near New York 2024

#7Prince George's County

University of Maryland Global Campus

Adelphi, MD

In-State Tuition:$7,488
Out-of-State Tuition:$11,976
Admission Rate:N/A
Graduation Rate:19%
Total Enrollment:55,838
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709

Compensation Clerk Salary in New York

Annual Median: $58,690
Hourly Median: $28.21

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Compensation Clerk in New York

To pursue a career as a Compensation Clerk, you typically need specific educational qualifications and training. Below are the relevant degree programs that can prepare you for this role:

  • Associate's Degree
    An associate’s degree in human resources or a related field can provide foundational knowledge in compensation and benefits administration.

  • Bachelor's Degree
    A bachelor’s degree is often required for this position. Relevant degree programs include:

    • Human Resources Management and Services
      This program focuses on the management of human resources within an organization, covering topics such as compensation strategies and employee relations.

    • Human Resources Management and Personnel Administration
      This degree prepares you to handle various human resources functions, including employee compensation and compliance with labor laws.

    • Business Administration and Management
      A degree in this area provides a broad understanding of business principles and practices, equipping you with skills applicable to compensation analysis and reporting.

    • Business Administration
      This program might offer specialized courses in human resources management, giving you insight into organizational structure and employee compensation systems.

    • Labor and Industrial Relations
      This degree will enhance your understanding of the relationship between management and labor, focusing on wage systems, labor laws, and collective bargaining which are key to compensation management.

In addition to formal education, some employers might provide on-the-job training or require certification in compensation and benefits through professional organizations.

Best Schools to become a Compensation Clerk near New York 2024

#7Prince George's County

University of Maryland Global Campus

Adelphi, MD

In-State Tuition:$7,488
Out-of-State Tuition:$11,976
Admission Rate:N/A
Graduation Rate:19%
Total Enrollment:55,838
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Compensation Clerk Job Description:
  • Compile and record employee time and payroll data.
  • May compute employees' time worked, production, and commission.
  • May compute and post wages and deductions, or prepare paychecks.

Compensation Clerk Required Skills and Competencies in New York

  • Attention to Detail: You must possess a keen eye for detail to accurately process and analyze various compensation data, ensuring that every figure and entry is correct.

  • Mathematical Proficiency: Strong mathematical skills are essential for calculating wages, benefits, and various compensation components. You should be comfortable working with formulas and numerical data.

  • Analytical Thinking: Your ability to assess data critically enables you to identify trends and discrepancies in compensation packages, aiding in the development of fair and competitive pay structures.

  • Organizational Skills: You need to effectively manage multiple tasks and deadlines. Staying organized helps you prioritize your workload and maintain accurate records.

  • Communication Skills: Excellent verbal and written communication skills are necessary to explain compensation structures and policies clearly. You should also be able to liaise with various departments to gather and disseminate relevant information.

  • Technical Proficiency: Familiarity with payroll software, spreadsheets, and databases is important. Proficient use of technology enhances your capability to maintain and analyze compensation data efficiently.

  • Confidentiality and Integrity: Handling sensitive employee compensation information requires a strong sense of ethics and the ability to maintain confidentiality. Your integrity helps build trust within the organization.

  • Teamwork and Collaboration: Working closely with HR professionals, finance teams, and management is a regular part of your role. You should be able to collaborate effectively with others to address compensation-related issues.

  • Problem-Solving Skills: You will encounter various compensation challenges that require innovative solutions. Your ability to think critically and devise effective strategies will be valuable in resolving these issues.

  • Knowledge of Employment Laws: A strong understanding of labor laws, employment standards, and regulations related to compensation is important to ensure compliance and to inform policy decisions accurately.

Job Duties for Compensation Clerks

  • Compute wages and deductions, and enter data into computers.

  • Process and issue employee paychecks and statements of earnings and deductions.

  • Verify attendance, hours worked, and pay adjustments, and post information onto designated records.

Technologies and Skills Used by Compensation Clerks

Enterprise resource planning ERP software

  • Oracle PeopleSoft
  • Workday software

Presentation software

  • Microsoft PowerPoint

Time accounting software

  • Kronos Workforce Payroll
  • Kronos Workforce Timekeeper

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Reading work related information

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Compensation Clerk in New York

The job market for Compensation Clerks in New York is currently exhibiting a favorable trend with significant demand across various sectors. As businesses increasingly recognize the importance of effective compensation management, you will find numerous opportunities in this field.

  • Demand for Compensation Clerks: Employers are actively seeking skilled Compensation Clerks to manage employee compensation data, assist with payroll processing, and ensure compliance with regulations. Sectors like healthcare, finance, and technology are particularly in need of support in this area due to their complex compensation structures.

  • Growth Potential: The role of Compensation Clerk is expected to grow in tandem with the overall expansion of the human resources field. As organizations continue to evolve their compensation strategies to attract and retain talent, the need for clerks who specialize in compensation-related tasks will likely increase.

  • Geographical Hotspots: In New York, certain areas show higher concentrations of job opportunities for Compensation Clerks:

    • New York City: As the financial capital of the world and a hub for various industries, NYC has a significant demand for Compensation Clerks, particularly in corporate offices and human resources departments.
    • Albany: The capital region also presents opportunities, especially within government agencies and educational institutions that require compensation support.
    • Westchester County: With its proximity to New York City and a growing business landscape, Westchester offers numerous positions in both corporate and non-profit organizations.

  • Industry Trends: The shift towards digital transformation within HR departments is enhancing the role of Compensation Clerks. Familiarity with various HR software and tools will be increasingly advantageous as businesses streamline their compensation processes.

Overall, the current landscape indicates a stable and expanding job market for Compensation Clerks in New York, fueled by demand across multiple industries and the ongoing evolution of human resources practices.

Top Related Careers to Compensation Clerk 2024

Timekeeping Specialist
Employee Time Coordinator
Payroll and Benefits Clerk
Payroll Administrator

Additional Resources To Help You Become a Compensation Clerk in New York

  • Society for Human Resource Management (SHRM)
    Explore resources on compensation management, salary surveys, and best practices in human resources.
    SHRM Website

  • National Association of Professional Compensation Professionals (NAPCP)
    Gain insights into professional development and access to various resources related to compensation and benefits.
    NAPCP Website

  • U.S. Bureau of Labor Statistics (BLS)
    Find wage data, job outlook, and employment statistics specifically for compensation clerks and related occupations.
    BLS Occupational Outlook Handbook

  • American Payroll Association (APA)
    Access information on payroll practices, including compensation, benefits, and compliance with payroll laws.
    APA Website

  • National Payroll Reporting Consortium (NPRC)
    Learn about payroll reporting standards and practices that affect compensation clerks.
    NPRC Website

  • WorldatWork
    Utilize resources concerning compensation and total rewards, including research, educational events, and certifications.
    WorldatWork Website

  • LinkedIn Learning
    Take advantage of online courses that cover various aspects of compensation management and payroll processing.
    LinkedIn Learning

  • Local Chapters of HR Organizations
    Consider joining local professional organizations such as the New York State Society for Human Resource Management (NYSSHRM) for networking and additional resources.
    NYSSHRM Website

  • Books on Compensation Management
    Look for titles such as "Compensation" by George T. Milkovich and Jerry M. Newman, which provides a detailed understanding of compensation principles and practices.

  • Online Forums and Communities
    Participate in online forums such as Reddit's HR subreddit or other professional networks to stay updated on industry trends and to network with peers.
    Reddit HR Subreddit

These resources can enhance your knowledge as a Compensation Clerk and provide essential insights into the field.

Frequently Asked Questions (FAQs) About Compensation Clerk in New York

  • What are the primary responsibilities of a Compensation Clerk?
    As a Compensation Clerk, your main responsibilities include processing payroll, maintaining employee compensation records, ensuring compliance with wage laws, and assisting in the evaluation of employee benefits. You will also compile reports and support the human resources team in compensation-related inquiries.

  • What qualifications do I need to become a Compensation Clerk in New York?
    Typically, you will need at least a high school diploma or GED. An associate's degree in business, finance, or a related field can be beneficial. Familiarity with payroll systems and relevant software is also important. Some employers may seek candidates with prior experience in human resources or payroll processing.

  • Is certification important for a Compensation Clerk?
    While not always required, obtaining certification such as the Certified Payroll Professional (CPP) can enhance your employability and demonstrate your expertise in payroll practices and laws, which could be advantageous in New York's competitive job market.

  • What skills are essential for a successful Compensation Clerk?
    Important skills include attention to detail, strong numerical aptitude, proficiency with payroll systems and Microsoft Excel, effective communication skills, and the ability to maintain confidentiality. Analytical skills are also valuable for handling compensation data.

  • What is the average salary for a Compensation Clerk in New York?
    The average salary for a Compensation Clerk in New York typically ranges from $45,000 to $65,000 annually, depending on experience, education, and the size of the employer. Keep in mind that salaries may vary significantly based on the specific industry.

  • What is the job outlook for Compensation Clerks in New York?
    The job outlook for Compensation Clerks is stable, with steady demand expected as companies continue to prioritize accurate payroll processing and employee compensation management. Opportunities may arise in various sectors, including finance, healthcare, and government.

  • What software or tools do Compensation Clerks commonly use?
    You will likely utilize payroll software such as ADP, Paychex, or QuickBooks, as well as spreadsheet applications like Microsoft Excel. Familiarity with human resource management systems (HRMS) can also be beneficial.

  • Can I advance my career as a Compensation Clerk?
    Yes, there are opportunities for advancement. With experience, you may move into roles such as Compensation Analyst, Payroll Supervisor, or Human Resources Manager. Continuing education and obtaining relevant certifications can help you progress in your career.

  • What additional responsibilities might I take on as I gain experience?
    As you gain experience, you may take on more complex tasks such as developing compensation structures, evaluating market pay rates, conducting salary surveys, and influencing compensation policy decisions within the organization.

  • Is remote work possible for a Compensation Clerk?
    Many employers are open to remote or hybrid work arrangements, especially following the trends caused by the COVID-19 pandemic. However, this varies by company and industry, so it's best to check specific job listings for remote options.